Monday, May 19, 2008

Credit Repair Warning Signs


Here are five warning signs the Federal Trade Commission advises consumers to watch out for when looking for a credit repair company:

  • Demanding upfront payment for credit repair services. Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they complete the promised services

  • Not telling you your legal rights and what actions you can take on your own for free, such as contacting the creditors and credit bureaus yourself to dispute any errors in your credit report

  • Telling you not to contact a credit reporting company directly

  • Advising you to dispute all information in your credit report (even if it's accurate)

  • Suggesting that you create a new credit identity by applying for an Employer Identification Number to use instead of your Social Security number

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